Celadon in mid-October announced it had acquired a 6.3-percent stake in the smaller, Van Buren, Ark.-based trucking company, and it asked for a meeting to discuss a potential "association" between the two companies.

USA Trucking declined the invitation to meet with Celadon executives, the company said in a statement paired with its earnings report on Friday. USA Trucking cited recent management changes and its "desire to remain focused on increasing value through operational improvements."

The company lost $4.3 million in the quarter ended Sept. 30, on revenue of $102.6 million.

Celadon CEO Steve Russell did not have an immediate reaction to USA Truck's refusal to meet. He told IBJ on Monday morning that Celadon’s board will meet this week to discuss the issue, and the company will have a public statement at that time.

Shares of USA Truck soared almost 20 percent on Oct. 11, rising as high as $9.76 each, after Celadon reported its share purchase. Before the Celadon acquisition, USA Truck's shares had been down 38 percent on the year.

The Indianapolis trucking company paid $4.7 million for 658,000 shares, making it USA Truck's seventh-largest investor, according to Bloomberg data.

USA Truck's shares were down in early trading Monday, to $8.17, still well below the 52-week high of $14.83.

Stifel said the deal could add $3 million, or about 13 cents per share, to Celadon's bottom line. The share purchase, Stifel said, reflects Celadon's view that shares of USA Truck were "underpriced given the age/condition of its equipment and the improving truckload industry fundamentals (provided that we do not enter a double dip recession)."

Schouten is an Indianapolis native and Indiana University graduate who joined IBJ in 2006 after stints at the Sarasota Herald-Tribune and the Arizona Republic. He covered the real estate beat for most of those years, and launched the Property Lines blog, before taking over as managing editor in March 2013.

Schouten has been honored for investigative and enterprise reporting by the Society of American Business Editors and Writers, the Alliance of Area Business Publications and the Society of Professional Journalists in Indianapolis. During his tenure as moderator of Property Lines, the blog was recognized twice as the best among business journals by the AAPB.

Schouten serves as secretary of the board of governors of the Society of American Business Editors and Writers, and is set to serve as the organization's president in 2016. He is treasurer of the Indianapolis Press Club Foundation, and a board member of the Indianapolis Public Schools Education Foundation.